Displaying items by tag: Chancellors plans

Electricity and gas bills for a typical household will go up by 54% in April because the energy price cap - the maximum amount suppliers in Great Britain can charge consumers - has been raised. Meanwhile oil giant Shell announced a huge increase in profits, four times the level recorded last year. The new price limit means 18 million households will pay £1,971 a year for gas and electricity. Another 4.5 million people on prepayment metres will see a bigger increase. The Chancellor plans to soften the blow via council tax rebates and help with bills. This would provide the majority of families with a total of £350 to help them adjust to higher prices. However many believe that with profits booming in recent months because of the spike in energy prices, the North Sea oil and gas producers who have recently made a fortune should be asked to contribute to ease the cost of living catastrophe.